High Court orders the liquidation of CBL Insurance

Last month the Insolvency Working Group released its second and final report, dealing with voidable transactions and Ponzi schemes.  The Group's first report was released in July 2016 and dealt with regulation of insolvency practitioners and voluntary liquidations.  In the second report, the Working Group make a number of recommendations on the voidable transaction regime and regarding protection from Ponzi schemes.  In relation to voidable transactions, the primary recommendations were repealing the "gave value" part of the defence available to creditors with a view to incre

British law firm DWL LLP has acquired insurance specialist Triton Global for the bargain basement price of 30% of its value.  The deal was struck just days before HM Revenue & Customs attempted to wind the firm up over unpaid tax of £1.3m.  Triton Global was a competitor of DWL, but cash flow difficulties left it unable to cover its working capital requirements and service creditor debt.  The deal sees DWL pay £1.1m for Triton Global, with unsecured creditors set to receive less than 4p to the pound.  Of the purchase price, only £174,000 is allocated to the approxima

The latest development in what has been a long-running (and expensive) cross-border insolvency proceeding involving Nortel (see our June 2015 and September 2015 legal updates for previous instalments) is a settlement between:

German Insolvency Law

an overview.

US – ONGOING CONSIDERATION BY NAIC OF RESERVE FINANCING, USE OF CAPTIVES, AND PRINCIPLE-BASED RESERVING

Over the last few years Spain has amended its insolvency laws to promote
out of court refinancing arrangements as a much needed alternative
to formal insolvency proceedings. The outcome of these changes,
aimed at putting Spain on a par with other EU jurisdictions, is yet to be
seen. However, what is clear is that the latest round of amendments
has substantially improved the possibility of reaching an out of court
refinancing settlement in Spain.
Historically, in relation to syndicated facilities, out of court refinancing

Restructuring & Insolvency
Global
Restructuring & Insolvency Newsletter
June 2014
In this issue:
Challenges faced by foreign creditors of Suntech
With an eye on the insolvency and restructuring proceedings of Suntech Power Holdings' principal operating subsidiary in China, Kwun Yee Cheung surveys the difficulties confronting foreign creditors in Chinese bankruptcies and restructurings. > Read more
Using English or US proceedings to restructure Asian businesses

Introduction

More than ten (10) years after the enactment of Brazilian Bankruptcy Law, a uniform understanding by the Brazilian courts of several matters remains unresolved, being the application of substantive consolidation one of the most troubling.

Consolidation (procedural and material)

Billed as INSOL’s “most popular session”, the plenary session Hot Topics – Avoid Being Burnt! provided a brief overview of developments in the insolvency landscape. The session panel was chaired by Jay A. Carfagnini (Goodmans LLP) with panelists the Honourable Justice Paul Heath of the High Court of New Zealand, Gabriel Moss QC, Gaurav Malhorta (Ernst & Young), and Jason Karas (Lipman Karas).

The panel discussed the following points: